News

£3M back in renters pockets since Get Living scrapped rental deposits

July 25, 2018

Get Living, the UK’s pioneer of build-to-rent homes and winner of Landlord of the Year 2018, celebrates its one-year anniversary of scrapping deposits with the news that its renters have saved close to £3 million.

May marks one year since Get Living announced a new dawn for renters. Since then, new residents who pass referencing no longer need to find six weeks’ rent at the beginning of their tenancy. To make sure current residents also benefitted, the rental innovator has been returning deposits to those already living in their neighbourhoods. Over the past year this policy has put almost £3 million back into the UK economy.

Neil Young, CEO of Get Living, said: “A year on we’re proud we took the leap and scrapped deposits. To some it was madness, but to us it seemed the natural next step after abolishing fees and introducing longer tenancies. We are always looking at ways we can build trust with our residents – and trusting our residents to look after their homes has been a great way of doing that.

“We had a great response from our existing residents. For most it had been money that was locked up and a cause of much frustration. Whether saved or spent, it’s great to know that £3 million is back in our residents’ pockets. We hope our experience will inspire others to follow, and one day deposit-free renting will be the norm.”

The decision by Get Living to remove another burden on renters reinforced its revolutionary approach to renting. Launched in May 2013, Get Living is behind the UK’s largest single-site rental neighbourhood at the former London 2012 Athletes’ Village, now called East Village, E20. Get Living looks after more than 3,000 renters in 2,000 homes, with a second location in Elephant & Castle.

Key benefits of Get Living’s deposit-free approach:

New residents benefit – Get Living renters who pass referencing do not need to find six weeks’ rent at the beginning of their tenancy – an immediate cashflow benefit

Existing residents benefit – Get Living has returned security deposits to residents

Changing renting in the UK – This one-year milestone supports Get Living’s mission to deliver a better way of renting and where Get Living has led, others have followed. Since it launched in 2013 with no fees and longer contracts, all major UK political parties and other large landlords have made similar commitments.